Foxconn unit in advanced talks to buy stake in S&T

Ennoconn

12/10/2016 12:33

Oct 12 (Reuters) - Austrian IT group S&T AG  SANT1.DE  said 
Taiwan's Ennoconn  6414.TW , an arm of the world's largest 
contract electronics manufacturer Foxconn, is in advanced talks 
to take a near 30 percent stake. 
    S&T said in a statement on Wednesday that it will issue new 
shares that will be bought by Ennoconn, amounting to a 10 
percent stake and Ennoconn will buy more shares from S&T's major 
shareholders to raise its stake to nearly 30 percent. 
 urn:newsml:reuters.com:*:nPexkVRdfa 
    S&T said it plans to use the capital from the Ennoconn deal 
to buy a 29.9 percent stake in German embedded computer 
technology provider Kontron  KBCG.DE . 
    Kontron shares jumped 9 percent, while S&T shares fell 
sharply in heavy afternoon trade. 
 
 (Reporting by Sylwia Lasek in Gdynia; Editing by Susan Fenton) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;)) 
 
Keywords: S&T M&A/FOXCONN